Kenya will soon receive help from the International Monetary Fund to cope adequately with the economic crisis caused by the Covid-19 pandemic, which is growing slowly but surely in the African country and risks blocking trade and tourism in the country for a long time, causing the collapse of the country's Gross Domestic Product, after years of growth and flattering projections on the basis of which the Kenyatta Government had made investments, applied for loans and started project-financing.
The budget approved by the IMF is $739 million. In the press release released to the media, the international bank stated that it has already started contacts with the authorities in Nairobi and has also offered political and economic advice and, if necessary, other forms of support.
"The impact of the Covid-19 virus on the Kenyan economy will be very serious and the risks of a recession are high," the statement said, "while the authorities have taken decisive action to respond to the health and social impacts of the pandemic, the sudden shock has left Kenya with important external and fiscal financing needs.
According to the International Monetary Fund, the sectors most affected by the virus explosion are tourism, agriculture and manufacturing.
The Kenyan Ministry of Finance predicts that economic growth in 2020 will slow to 2.5 percent but could fall as low as 2 percent compared to 5.4 percent in 2019 due to the impact of the pandemic.
The World Bank fears, in the worst case scenario, a recession of 1.5%.